Global Ophthalmic Devices Market Will Grow at 6.5% CAGR During 2014 to
2020, North America Remains Dominant in the Global Market
Ophthalmic devices are used for treatment & identification of ocular deficiencies/defects and
eye disorders. Increasing vision loss and eye disorder prevalence is fuelling the demand for
ophthalmic devices all over the world. The global ophthalmic devices market is estimated to
grow at 6.5% CAGR during the forecast period, 2014 to 2020. The market revenue for this
market in 2014 was worth US $29.17 billion and it is expected to reach US $42.68 billion by
2020 end.
Surgery Devices Segment to Grow Fastest by 2020 End
The global ophthalmic devices market is categorized into surgery devices, diagnostic devices and
vision care devices. The surgery devices segment is anticipated to be the fastest growing during
the forecast period. The surgery devices segment is further categorized into glaucoma surgery
devices, vitreoretinal surgery devices, refractive error surgery devices and cataract surgery
devices. Cataract surgery devices is the largest sub-segment of surgery devices in global market
for ophthalmic devices.
The diagnostic devices are further categorized into optical coherence tomography scanners,
tonometer, fundus cameras, retinoscopes, ophthalmoscopes, wavefront aberrometers,
pachymeters, biometers, corneal topographers, keratometers, specular microscopes, visual field
analyzers, ophthalmic ultrasound imaging systems and autorefractors.
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Vision Care Devices to Remain Largest Segment During the Forecast Period
The vision care devices is estimated to be the largest segment in global ophthalmic devices
market during the forecast period. Vision care devices have been bifurcated into spectacle
lenses and contact lenses. Even though there is more adoption of spectacle lenses, contact
lenses will gain traction and witness significant growth by 2020 end.
Region-wise, the global market for ophthalmic devices is categorized into
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North America – U.S.
Europe – the U.K., Italy, France, Germany and Spain
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Asia – India, China and Japan
Rest of the World (RoW)
North America to Remain Dominant in Global Ophthalmic Devices Market
North America has been the leading region and is estimated to retain its dominance over the
global market for ophthalmic devices during the forecast period. The market value of this region
in 2014 was worth US $11.45 billion and it is expected to reach US $16.24 billion by 2020 end.
This region is estimated to grow at 6% CAGR in ophthalmic devices market during the forecast
period. Due to increasing prevalence of chronic eye diseases in geriatric population, Europe is
estimated to witness a robust growth in ophthalmic devices market by 2020 end. Huge
occurrences of macular degeneration among aging population and increasing prevalence of
diabetic retinopathy, glaucoma and cataract in India and China, Asia Pacific is estimated to
witness significant growth in ophthalmic devices market.
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Factors Influencing the Growth of Global Ophthalmic Devices Market Include
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Consistent evolution of ophthalmic technology and its aim for introduction to advanced
and innovative ophthalmic healthcare options.
Increasing prevalence of eye diseases in child population.
Increasing promotion of state-of-art healthcare infrastructure by various governments of
developed economies as well as government support to healthcare centers and
sophisticated healthcare infrastructure in dedication to ophthalmic patients.
Increasing prevalence of visual impairment, bulging eyes, ocular hypertension, uveitis,
diabetic retinopathy, blindness, diabetic macular edema, retinal detachment and
refractive errors.
Substantial growth of lifestyle-related ophthalmic disorders and government support
and initiatives concerning ophthalmic diseases.
Challenges Faced by Ophthalmic Devices Market Include
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Less Priority towards ophthalmic care and poor healthcare infrastructure.
Insufficient healthcare insurance.
Ever-increasing costs of healthcare in developing countries posing affordability
problems, especially for aging population.
Lack of awareness of eye disorders and the available options for their treatment.
Key market players are focusing on launching new developed ophthalmic devices which in turn
will boost the competition enhance growth opportunities for ophthalmic devices market during
the forecast period. These market players include Baush and Lomb Incorporated, Abbott
Laboratories Inc., Hoya Corporation, Carl Zeiss AG, Nidek Co. Ltd., Alcon Inc., Johnson &
Johnson, Novartis AG, Essilor International, VisionCare Inc., Canon Inc., Topcon Corp. and
CooperVision AG.
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